China’s Geely Automotive said on Wednesday its parent wants to bid for Ford owned Volvo thus becoming the latest Chinese automaker to chase a foreign brand in a global industry overhaul.
The move could boost the profile of Geely, a small, independent carmaker and, more importantly, give it access to technology it needs to upgrade its cars, analysts said, though some doubted it could manage an international brand.
Geely’s privately held parent, Geely Holding Group Co., would make any bid in conjunction with a government-backed investor, CEO Gui Shengyue told Reuters by telephone.
“I believe if Volvo is for sale and Ford has a global announcement, then our parent company will participate,” Gui said.
Gui added that Geely’s parent is waiting for Ford to decide whether to sell the Swedish car maker. Rather than merely taking a stake in Volvo, Geely’s parent would seek full ownership, Gui said, adding that Ford will make a decision on whether to sell Volvo within a month.